3rd Quarterly Report 2023
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| NOK 1 000 | Note | 3. quarter 2024 | 3. quarter 2023 | 01.01.2024 30.09.2024 |
01.01.2024 30.09.2023 |
2023 | |
|---|---|---|---|---|---|---|---|
| Total interest income | 2 | 4,592,970 | 3,662,700 | 13,520,221 | 9,888,466 | 14,075,135 | |
| Total interest expenses | 2 | (4,071,294) | (3,354,943) | (12,015,541) | (8,746,222) | (12,610,685) | |
| Net interest income | 521,676 | 307,757 | 1,504,680 | 1,142,244 | 1,464,450 | ||
| Commissions to SpareBank 1 banks | 3 | (292,887) | (138,499) | (877,985) | (681,936) | (787,664) | |
| Net commission income | (292,887) | (138,499) | (877,985) | (681,936) | (787,664) | ||
| Net gains/losses from financial instruments | 4 | 3,435 | (67,877) | 61,323 | 13,830 | 3,636 | |
| Net other operating income | 3,435 | (67,877) | 61,323 | 13,830 | 3,636 | ||
| Total operating income | 232,225 | 101,380 | 688,018 | 474,137 | 680,422 | ||
| Salaries and other ordinary personnel expenses | 5 | (4,409) | (4,649) | (12,172) | (13,300) | (14,593) | |
| Other operating expenses | 6 | (7,702) | (7,502) | (23,747) | (22,353) | (30,519) | |
| Total operating expenses | (12,111) | (12,150) | (35,919) | (35,653) | (45,112) | ||
| Operating result before loan loss provisions | 220,113 | 89,230 | 652,099 | 438,484 | 635,309 | ||
| Loan loss provisions | 2,999 | (6,685) | (8,474) | (5,349) | (16,016) | ||
| Pre-tax operating result | 223,113 | 82,545 | 643,625 | 433,135 | 619,294 | ||
| Taxes | (51,358) | (16,629) | (147,550) | (97,033) | (140,025) | ||
| Profit/(loss) for the period | 171,755 | 65,917 | 496,075 | 336,102 | 479,269 | ||
| Portion attributable to shareholders | 154,075 | 49,886 | 442,649 | 291,100 | 416,476 | ||
| Portion attributable to additional Tier 1 capital holders | 17,680 | 16,030 | 53,426 | 45,001 | 62,793 | ||
| Profit/(loss) for the period | 171,755 | 65,917 | 496,075 | 336,102 | 479,269 |
| NOK 1 000 | 3. quarter 2024 | 3. quarter 2023 | 01.01.2024 30.09.2024 |
01.01.2024 30.09.2023 |
2023 | ||
|---|---|---|---|---|---|---|---|
| Profit/loss for the year | 171,755 | 65,917 | 496,075 | 336,102 | 479,269 | ||
| Items that will not be reclassified to profit/loss | |||||||
| Actuarial gains and losses pensions | - | - | - | - | (14,548) | ||
| Tax effect | - | - | - | - | 3,637 | ||
| Items that may be reclassified to profit/loss later | |||||||
| Basis swap valuation adjustment | (208,217) | (265,633) | (608,837) | (294,170) | (728,680) | ||
| Tax effect | 52,054 | 66,408 | 152,209 | 73,543 | 182,170 | ||
| Other comprehensive income for the period | (156,163) | (199,225) | (456,628) | (220,628) | (557,421) | ||
| Comprehensive income for the period | 15,592 | (133,308) | 39,447 | 115,474 | (78,152) |
| NOK 1 000 | Note | 30.09.2024 | 30.09.2023 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 13 | 8,880,249 | 1,556,716 | 1,063,325 | |||
| Certificates and bonds | 13,14 | 38,850,790 | 23,516,890 | 33,094,399 | |||
| Residential mortage loans | 8,13 | 284,083,349 | 271,576,198 | 276,816,597 | |||
| Financial derivatives | 12,13,14 | 15,987,746 | 6,793,630 | 9,008,375 | |||
| Defered tax asset | 572,285 | 207,213 | 420,076 | ||||
| Other assets | 7 | 520,995 | 1,233,288 | 62,679 | |||
| Total assets | 348,895,414 | 304,883,935 | 320,465,452 | ||||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 10,14 | 316,924,664 | 276,851,122 | 296,226,162 | |||
| Collateral received under derivatives contracts | 13,19 | 10,875,178 | 2,947,543 | 4,896,717 | |||
| Repurchase agreement | 1,659,317 | 2,541,340 | - | ||||
| Financial derivatives | 12,13,14 | 2,326,910 | 7,560,833 | 3,841,473 | |||
| Deferred tax | - | - | - | ||||
| Tax payable | 331,372 | 126,043 | 269,808 | ||||
| Subordinated debt | 11,13 | 1,743,717 | 1,440,022 | 1,485,180 | |||
| Other Liabilities | 15 | 1,786,963 | 528,172 | 1,068,669 | |||
| Total Liabilities | 335,648,122 | 291,995,075 | 307,788,009 | ||||
| Equity | |||||||
| Share capital | 9 | 8,464,015 | 7,797,215 | 7,797,215 | |||
| Share premium | 4,234,655 | 3,901,255 | 3,901,255 | ||||
| Declared dividends | - | - | - | ||||
| Basis swap valuation reserve | (790,571) | (8,060) | (333,942) | ||||
| Other equity | (56,882) | (37,651) | 412,915 | ||||
| Hybrid capital | 9,13 | 900,000 | 900,000 | 900,000 | |||
| Profit/(loss) for the period | 496,075 | 336,102 | - | ||||
| Total equity | 13,247,292 | 12,888,860 | 12,677,443 | ||||
| Total liabilities and equity | 348,895,414 | 304,883,935 | 320,465,452 |
| NOK 1 000 | Share capital | Share premium | Dividend | Basis swap valuation reserve | Other Equity | Hybrid capital | Total Equity | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of 31 December, 2022 | 7,797,215 | 3,901,255 | -0 | 212,567 | 7,350 | 900,000 | 12,818,387 | ||||
| Dividend 2022 | - | - | - | - | - | - | |||||
| Profit/(loss) for the period | - | - | 479,269 | -62,793 | 416,476 | ||||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -62,793 | 62,793 | - | |||||
| Basis swap valuation change, net | - | - | - | -546,510 | -546,510 | ||||||
| Actuarial gain/loss pension | -10,911 | -10,911 | |||||||||
| Other | - | - | - | ||||||||
| Balance as of 31 December, 2023 | 7,797,215 | 3,901,255 | -0 | -333,942 | 412,915 | 900,000 | 12,677,443 | ||||
| Dividend 2023 | - | - | - | -416,371 | - | -416,371 | |||||
| Share increase | 666,800 | 333,400 | 1,000,200 | ||||||||
| Profit/(loss) for the period | - | - | 496,075 | -53,426 | 442,649 | ||||||
| Paid interest on hybrid capital - directly against equity | - | - | - | -53,426 | 53,426 | - | |||||
| Basis swap valuation change, net | - | - | - | -456,628 | -456,628 | ||||||
| Actuarial gain/loss pension | - | ||||||||||
| Other | - | - | - | - | |||||||
| Balance as of 30 September, 2024 | 8,464,015 | 4,234,655 | -0 | -790,571 | 439,193 | 900,000 | 13,247,292 |
Equity is paid in by the Company's parent banks when a requirement arises. The requirement arises regularly when the Company acquires larger portfolios of mortgage loans, and otherwise according to changes in capitalization rules because SpareBank 1 Boligkreditt is subject to the same capital adequacy rules under Pillar 1 as banks in general. Each parent bank has also signed a Shareholders agreement with the Company, which amongst other things stipulates when additional capital must be contributed.
| NOK 1 000 | 30.09.2024 | 30.09.2023 | 2023 |
|---|---|---|---|
| Cash flow from operations | |||
| Change in gross lending to customers | -7,321,846 | -18,510,331 | -23,666,791 |
| Interest receipts from lending to customers | 12,094,292 | 8,916,655 | 12,582,674 |
| Change in certificates and bonds | -5,021,158 | 6,439,245 | -3,362,527 |
| Interest receipts from certificates and bonds | 1,261,061 | 691,874 | 1,008,508 |
| Change in deposits with credit institutions | 7,718,557 | 4,979,008 | 4,527,932 |
| Interest on deposits with credit institutions | -113,170 | -28,943 | -27,606 |
| Realised gain/loss repurchased debt and liquid assets | -889,002 | -19,106,689 | -362,664 |
| Commissions paid | -862,368 | -707,971 | -751,817 |
| Payment for bank resolution fund | -62,315 | -51,583 | -51,583 |
| Payments for operations | -35,085 | -34,950 | -43,951 |
| Other payments, net | 23,917 | -13,896 | 16,505 |
| Taxes paid | -85,985 | -85,985 | -89,622 |
| Net change in liquidity from operations | 6,706,898 | -17,513,569 | -10,220,944 |
| Cash flow from investments | |||
| Investments in intangible assets | 0 | 0 | 0 |
| Investments in tangible fixed assets | 0 | -202 | -202 |
| Net cash flow from investments | 0 | -202 | -202 |
| Cash flow from financing | |||
| Debt raised by issuance of covered bonds | 24,615,186 | 38,198,911 | 53,740,170 |
| Repayment of issued covered bonds | -12,682,720 | -12,334,740 | -33,027,164 |
| Interest payment on covered bonds | -11,526,406 | -8,052,177 | -11,635,176 |
| Debt raised by issuance of sr. unsec. debt | 0 | 0 | 950,000 |
| Interest payment on sr. unsec. debt | 1,942 | 0 | 8,892 |
| Debt raised by issuance of subordinated debt | 300,000 | 300,000 | 1,675,000 |
| Repayments of issued subordinated debt | -41,500 | -300,000 | -1,633,500 |
| Interest payment on subordinated debt | -86,879 | -57,025 | -80,566 |
| Equity capital subscription | 1,000,200 | 0 | -10,911 |
| Hybrid capital issued | 0 | 0 | 0 |
| Repayment of hybrid capital | 0 | 0 | 0 |
| Interest payment on hybrid capital | -53,426 | -45,001 | -62,793 |
| Payment of dividend | -416,371 | 0 | 0 |
| Net cash flow from financing | 1,110,025 | 17,709,967 | 9,923,951 |
| Net cash flow in the period | 7,816,923 | 196,196 | -297,195 |
| Cash and cash equivalents at 1 January | 1,063,325 | 1,360,520 | 1,360,520 |
| Net receipt/payments on cash | 7,816,923 | 196,196 | -297,195 |
| Cash and cash equivalents at the end of the period | 8,880,249 | 1,556,716 | 1,063,325 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 3. quarter 2024 | 2. quarter 2024 | 1. quarter 2024 | 4. quarter 2023 | 3. quarter 2023 | ||
|---|---|---|---|---|---|---|---|
| Total interest income | 4,592,970 | 4,547,171 | 4,380,079 | 4,186,670 | 3,662,700 | ||
| Total interest expenses | -4,071,294 | -4,034,139 | -3,910,107 | -3,864,463 | -3,354,943 | ||
| Net interest income | 521,676 | 513,032 | 469,973 | 322,206 | 307,757 | ||
| Commissions to SpareBank 1 banks | -292,887 | -319,790 | -265,309 | -105,728 | -138,499 | ||
| Net commission income | -292,887 | -319,790 | -265,309 | -105,728 | -138,499 | ||
| Net gains/losses from financial instruments | 3,435 | 37,485 | 20,402 | -10,194 | -67,877 | ||
| Net other operating income | 3,435 | 37,485 | 20,402 | -10,194 | -67,877 | ||
| Total operating income | 232,225 | 230,727 | 225,066 | 206,284 | 101,380 | ||
| Salaries and other ordinary personnel expenses | -4,409 | -3,275 | -4,488 | -1,293 | -4,649 | ||
| Other operating expenses | -7,702 | -8,923 | -7,122 | -8,166 | -7,502 | ||
| Total operating expenses | -12,111 | -12,197 | -11,610 | -9,459 | -12,150 | ||
| Operating result before losses | 220,113 | 218,530 | 213,456 | 196,825 | 89,230 | ||
| Loan loss provisions | 2,999 | -1,873 | -9,601 | -10,667 | -6,685 | ||
| Pre-tax operating result | 223,113 | 216,657 | 203,855 | 186,159 | 82,545 | ||
| Taxes | -51,358 | -49,731 | -46,461 | -42,991 | -16,629 | ||
| Profit/loss for the year | 171,755 | 166,926 | 157,394 | 143,168 | 65,917 | ||
| Other income and expense | -156,163 | -142,161 | -158,304 | -336,794 | -199,225 | ||
| Total Profit/Loss | 15,592 | 24,765 | -910 | -193,626 | -133,308 |
These quarterly statements are not individually audited and are included as additional information to these accounts.
| NOK 1 000 | 30.09.2024 | 30.06.2024 | 31.03.2024 | 31.12.2023 | 30.09.2023 | ||
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Lending to and deposits with credit institutions | 8,880,249 | 2,917,285 | 4,171,435 | 1,063,325 | 1,556,716 | ||
| Certificates and bonds | 38,850,790 | 33,703,988 | 36,313,983 | 33,094,399 | 23,516,890 | ||
| Residential mortage loans | 284,083,349 | 281,591,767 | 280,544,694 | 276,816,597 | 271,576,198 | ||
| Financial derivatives | 15,987,746 | 8,348,214 | 13,346,319 | 9,008,375 | 6,793,630 | ||
| Defered tax asset | 572,285 | 520,231 | 472,844 | 420,076 | 207,213 | ||
| Other assets | 520,995 | 150,041 | 457,065 | 62,679 | 1,233,288 | ||
| Total assets | 348,895,414 | 327,231,527 | 335,306,340 | 320,465,452 | 304,883,935 | ||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Debt incurred by issuing securities | 316,924,664 | 299,580,490 | 306,169,307 | 296,226,162 | 276,851,122 | ||
| Collateral received under derivatives contracts | 10,875,178 | 4,158,707 | 8,249,792 | 4,896,717 | 2,947,543 | ||
| Repurchase agreement | 0 | 0 | 0 | 0 | 2,541,340 | ||
| Financial derivatives | 2,326,910 | 5,368,731 | 3,344,656 | 3,841,473 | 7,560,833 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | ||
| Tax payable | 331,372 | 280,014 | 230,284 | 269,808 | 126,043 | ||
| Subordinated debt | 1,743,717 | 1,743,545 | 1,743,614 | 1,485,180 | 1,440,022 | ||
| Other Liabilities | 1,786,963 | 1,099,339 | 1,575,765 | 1,068,669 | 528,172 | ||
| Total Liabilities | 335,648,122 | 313,982,146 | 322,063,990 | 307,788,009 | 291,995,075 | ||
| Equity | |||||||
| Share capital | 8,464,015 | 8,464,015 | 8,464,015 | 7,797,215 | 7,797,215 | ||
| Share premium | 4,234,655 | 4,234,655 | 4,234,655 | 3,901,255 | 3,901,255 | ||
| Declared dividends | 0 | 0 | 0 | 0 | 0 | ||
| Basis swap valuation reserve | -790,571 | -634,408 | -492,246 | -333,942 | -8,060 | ||
| Other equity | -56,882 | -39,202 | -21,468 | 412,915 | -37,651 | ||
| Net profit | 496,075 | 324,321 | 157,394 | 0 | 336,102 | ||
| Hybrid capital | 900,000 | 900,000 | 900,000 | 900,000 | 900,000 | ||
| Total equity | 13,247,292 | 13,249,381 | 13,242,350 | 12,677,443 | 12,888,860 | ||
| Total liabilities and equity | 348,895,414 | 327,231,527 | 335,306,340 | 320,465,452 | 304,883,935 |
SpareBank 1 Boligkreditt is a labelled covered bond issuer. Details of the label and information on SpareBank 1 outstanding covered bonds are available on the European Covered Bond Council (ECBC) covered bond label webpage:
www.coveredbondlabel.com